Due to the advantages of low energy consumption, no air and water pollutions, the reactive polyurethane films (RPUFs) are replacing the solvated and waterborne PUFs nowadays, which significantly promotes the green and low‐carbon production of PU films. However, the microstructure evolution and in situ film‐formation mechanism of RPUFs in solvent‐free media are still unclear. Herein, according to time‐temperature equivalence principle, the in situ polyaddition and film‐formation processes of RPUFs generated by the typical polyaddition of diisocyanate terminated prepolymer (component B) and polyether glycol (component A) are thoroughly investigated at 25 °C. According to the temporal change of viscosity, the RPUFs gradually transfer from liquid to gel and finally to solid state. Further characterizing the molecular weight, hydrogen bonds, crystallinity, gel content, and phase images, the polyaddition and film‐formation processes can be divided into three stages as 1) chain extension and microcrystallization; 2) gelation and demicrocrystallization; 3) microphase separation and film‐formation. This work promotes the understanding of the microstructure evolution and film‐formation mechanism of RPUFs, which can be used as the theoretical guidance for the controllable preparation of high‐performance products based on RPUFs.